Nikola (NASDAQ:NKLA) Trading Up 8%

Shares of Nikola Co. (NASDAQ:NKLA) were up 8% during trading on Wednesday . The stock traded as high as $8.97 and last traded at $8.68. Approximately 2,593,316 shares were traded during trading, a decline of 19% from the average daily volume of 3,216,903 shares. The stock had previously closed at $8.04.

Analyst Ratings Changes

Several brokerages recently weighed in on NKLA. Wolfe Research began coverage on shares of Nikola in a research report on Tuesday, April 9th. They set a “peer perform” rating on the stock. Bryan, Garnier & Co began coverage on shares of Nikola in a research report on Thursday, May 16th. They set a “buy” rating and a $30.00 price objective on the stock. Finally, DA Davidson reaffirmed a “neutral” rating and set a $30.00 price objective on shares of Nikola in a research report on Wednesday, June 12th.

Nikola Stock Performance

The company has a market cap of $368.59 million, a P/E ratio of -0.27 and a beta of 2.09. The company has a quick ratio of 1.50, a current ratio of 1.73 and a debt-to-equity ratio of 0.46. The stock’s 50-day moving average price is $15.11 and its 200 day moving average price is $20.02.

Nikola (NASDAQ:NKLA) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($3.00) EPS for the quarter, meeting analysts’ consensus estimates of ($3.00). The firm had revenue of $7.50 million during the quarter, compared to the consensus estimate of $15.05 million.

Insider Activity

In other news, CEO Stephen J. Girsky purchased 33,333 shares of the company’s stock in a transaction dated Monday, May 20th. The shares were bought at an average price of $16.20 per share, with a total value of $539,994.60. Following the completion of the transaction, the chief executive officer now directly owns 241,433 shares in the company, valued at approximately $3,911,214.60. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On Nikola

Several hedge funds and other institutional investors have recently modified their holdings of NKLA. Norges Bank acquired a new stake in shares of Nikola in the fourth quarter worth $93,633,000. Vanguard Group Inc. boosted its stake in Nikola by 27.1% during the third quarter. Vanguard Group Inc. now owns 56,706,189 shares of the company’s stock worth $89,029,000 after buying an additional 12,085,830 shares in the last quarter. Van ECK Associates Corp boosted its stake in Nikola by 65.4% during the first quarter. Van ECK Associates Corp now owns 10,695,472 shares of the company’s stock worth $11,123,000 after buying an additional 4,229,114 shares in the last quarter. SG Americas Securities LLC boosted its stake in Nikola by 90.3% during the first quarter. SG Americas Securities LLC now owns 3,812,396 shares of the company’s stock worth $3,965,000 after buying an additional 1,809,074 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Nikola by 28.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,754,602 shares of the company’s stock worth $5,909,000 after buying an additional 1,512,542 shares in the last quarter. Institutional investors and hedge funds own 37.38% of the company’s stock.

About Nikola

Nikola Corporation operates as a technology innovator and integrator that develops energy and transportation solutions in the United States and internationally. The company operates in truck and energy units. It commercializes battery electric vehicles (BEV) and hydrogen fuel cell electric vehicles (FCEV) to the trucking sector.